Transport of India earnings calls.

TCI posted its 24th consecutive quarter of growth in Q1 FY27 with consolidated revenue growth of approximately 9%, driven by robust auto sector performance and supply chain business. However, profitability metrics remain muted with PAT slightly negative on standalone basis due to lower dividend income from JVs and timing lags in fuel pass-through to customers. The freight business is expanding its network with 10 new branches and targeting 10-12% top-line growth with margin improvement through LTL mix shift. Supply chain growth moderated to 12-15% guidance due to high base and inventory normalization, but management sees strong pipeline for second half recovery. Seaways business faces headwinds from volatile bunker prices (currently around ₹86,000/ton) which creates margin uncertainty despite recent rate increases. Capex guidance of ₹550-600 crore for FY27 includes ₹237 crore for two new ships (induction expected Q3), ₹100+ crore for warehouses, and ₹120 crore for trucks/rakes. Key risks include Middle East geopolitical tensions impacting bunker costs, rail congestion at JNPT/Mundra causing container backlog, and MSME sector slowdown offsetting auto recovery.